I hate to admit this... I'm choking on the words... My fingers are cramping typing this... I agree with George W. There, I've said and I'm still breathing. As I said 9 long days ago; the financial world, our day to day living, Wall St. and one of, if not the, biggest companies in the world ... will never be the same. At least, I hope never be the same. Whoever wrote the speech for Georgie, done himself proud. Whoever did his makeup, Michie would like to point out, less blush next time ok?
I still, however, disagree with the falsely low interest rates, keeping the easy level of available credit... available and protecting $25,000.00 a year earning, $300,000.00 home owning folks! Seriously, what were you thinking? I suppose having $2,000,000.00 a year earning folks telling you you could have it might be some kind of excuse but you must have one or two brain cells! You still owe me, and everyone like me, who actually live within their means an apology. We will be paying this off for you, for a long, long time. And I, for one am pissed!
4 comments:
I'm shocked! How do people that earn $25,000/yr qualify for these mortgages?? Are the lending institutions mad??? This new generation seems to have the attitude that they are owed this type of lifestyle and don't think that they have to work towards it. They want it all and now. Geesh. So frustrating. Well there's my rant!
tell Mich that I don't think it was blush...I think he was having a hard time not crying and it was just his face going red.
If that's the truth, you must give him some credit for remaining obnoxiously stoic during the last 8 years of his reign of terror! I would have had a nervous breakdown years ago if I ruined the world.
M
Here's how they got the mortgages. House prices rose huge in the late 90's. They started offering mortgages over 40 years, no down payment and the interest rates were held artifically low by the US & Canadian Governments. So, all they were paying was the interest on their loans, no principal. Housing rates started falling, people started defaulting and voila! The mortgage backed securites that the financial guys bundled and sold as "bonds" were worth nothing! They then became huge liabilites on their books and the house of cards/deeds started to crumble. Huge companies like AIG were downgraded by S&P and Bests and the final swipe at the paper empire took it's toll. (That's my take as a very NON financial person.) I know this is NOT exciting bloggins, sorry but it simply has me enthralled! I'm a geek sorry.
Post a Comment